The producer price index (PPI) in Kuwait fell by around 0.93 percent in the fourth quarter of 2016 to 64.2 points, compared with the third quarter of the same year, according to Central Statistical Bureau (CSB). The index of extractive industry dipped 1.38 percent as a result of the hike in the oil exploration price index by roughly 1.56 percent, the CSB said in new statistics on Sunday.

Manufacturing industry plummeted by 0.55 percent due to a 0.67 percent drop in the oil refining index, it added. Comparison between the producer price index between the fourth quarter of 2016 and the same period of 2015 shows a rise of 14.24 percent as extractive industry jumped by 23.33 percent owing to high prices of oil exploration group by around 23.16 percent, it noted.

Manufacturing industry rose by 6.78 percent thanks to high prices of oil refining group by 9.61 percent, the CSB pointed out. The producer price index went up by 7.78 percent last December, compared with last November, as a result of a hike of 12.89 percent in the prices of extractive industries, it said. The manufacturing industry price index hiked by 3.13 percent last December due to a 5.32 percent rise in oil refining prices, it added.

The Producer Price Index (PPI) measures the average change over time in the selling prices received by domestic producers for their output. The prices included in the PPI are from the first commercial transaction for many products and some services.